A wedding marks the beginning of a new chapter for couples, as they step into a shared life journey together. It’s one of the most meaningful moments in their lives. However, organizing a wedding is no small task. It requires a great deal of time, effort, and coordination with various vendors to make this special day everything they dream of.
Although the experience is memorable, it can quickly become overwhelming with so many details to manage and decisions to make.
Rumaiza and Anas Ali, the owners of Wedy App, have introduced a system that gets all planning done under one roof. Their app is the world’s first wedding marketplace where all the services for a wedding are available. This allows couples to make every arrangement possible under one price tag and one contract only.
The owners came on Shark Tank to request $300K in exchange for 5% of their company. They also brought a real bride and groom, Hannah and John, to be wedded on the set of Shark Tank with Mr. Wonderful as an officiant. Let’s see if they got the deal or not.
Wedy App Net Worth Shark Tank Update
Rumaiza and Anas Ali were looking for an investment of $300K in exchange for 5% equity in the company. At the time of the episode, they valued Wedy App at $6 million. They did not secure a deal with any of the Sharks. After the show was aired, Wedy App experienced a big increase in website traffic, sales, and social media exposure. As per my rough estimate, the current net worth of Wedy App in 2024 is around $2.5 million.
Shark(s) name
Offer & Demand
Counteroffer
Accepted?
Kevin O’Leary
Out
N\A
N\A
Mark Cuban
Out
N\A
N\A
Lori Greiner
Out
N\A
N\A
Barbara Corcoran
Out
N\A
N\A
Robert Herjavec
Out
N\A
N\A
The Owners’ Backstory
Rumaiza’s inspiration for Wedy grew from her own challenges in her past wedding industry business and her experience immigrating to the U.S. from India on an H4-dependent visa.
The couple came on the show to seek $300K for a 5% equity stake. Their business provides an app that contains all the contracts for a wedding under a single roof. Through the app, the different vendors can earn their shares as well.
Queries about the Product
Corcoran asked the first question about their year of starting the business. Rumaiza highlighted that they started the business in 2020 and thus it has been three years in the business.
Lori inquired about their competitors. The wife replied that they are the only one that provides a booking platform under the same roof. The traditional wedding directories are a pay term model.
Kevin wanted to know the difference between them and a Knot. She explained that customers first discover them through organic SEO and local listings. They also get many valuable referrals, and their app is region-specific.
She also added that they operate in seven markets and have around 1,200 vendors on their platform.
Herjavec asked about their way of earning in the wedding business. It is basically a percentage that they get from the whole plannings and vendors, which is about 24% take rate on every package sold.
Basically, on the vendor site, wedding professionals mention their packages. For instance, a photographer provides a four-hour package for $2K and a six-hour one for $3K. The couples then take these packages and list their aggregate to sell them as bundle packages.
The process for a consumer goes like this; They first enter their location, their budget, and then the services they want to get enrolled into. Then the app shows them a base package automatically according to their own likings.
Cubans then inquired about the money they had earned so far. Anas highlighted that they started to launch their product in sequential markets three years ago and so far, their gross revenue is about $1.5M.
Kevin wanted to know about their yearly sales since they started the business. Rumaiza mentioned that in 2020 they launched their product prototype in a test market and made $73K. In 2021, the sales were $91K and in 2022, they launched their web app and made $510K in gross sales. Thus, they have made $850K as a whole.
Kevin was curious to know if they will make $1M for this year. She highlighted that they would make about $1.2M in sales for this year, generating about $240K.
Mr. Wonderful also asked about their expenditure. The wife’s co-owner reported that they spend about 8% on advertising.
Herjavec inquired about their profits. Anas mentioned that last year their profits were $60K and they are expecting to make the same this year.
Kevin showed concern regarding their high valuation for the small business. Rumaiza mentioned that they were short of vendors before and now 700 more are added which brought 60% of their customers.
Shark’s Response and Final Decision
Herjavec was the first shark to drop the deal as he thought the business was not fit for him.
Cuban was next in passing the deal as he thinks their foundations are very weak as they are making only $240K out of seven markets.
Corcoran left too saying that they don’t need a shark as they don’t have a space for them.
Lori thought their business was too early for her to invest in.
As Kevin is already working in the same field with HoneyFund, so he won’t be able to invest in their business either. Thus, the couple left the tank without a shark by their side.
Although Rumaiza and Anas didn’t get a deal on Shark Tank, things are still looking positive for them and their business, Wedy App. Their website features a catchy tagline: “We can get you married anywhere, including the sets of Shark Tank!”
The exposure from the show is likely to attract new users, some of whom may even book wedding packages through the Wedy App. With countless options for planning a special day, the Wedy website is a great resource for engaged couples. They also ended their year with $1.4M in revenue. It’s worth exploring to make wedding planning a bit easier and less stressful.
Conclusion
Despite leaving Shark Tank without a deal, Rumaiza and Anas Ali’s Wedy App is well-positioned for future growth. Their unique platform simplifies wedding planning by bringing all services under one contract, and their appearance on the show has increased visibility. With over 1,200 vendors, seven active markets, and a user-friendly website, Wedy App offers couples an all-in-one solution for stress-free wedding planning.
Hey there, it’s Andaleb Youns. I am a freelance content writer and am currently pursuing a BS in English Language and Literature. I have expertise in writing Blog Posts, social media content, and copywriting. I know how it feels to be a student and still be dependent on parents to fulfill even basic daily needs. This realization became apparent while watching Shark Tank. Although I started watching this show out of boredom, it proved to be an inspirational show. The show made me realize the importance of hard work, being independent, and of having a business of my own. I still look forward to it for entertaining and inspirational content.
